Chile: Current account surplus narrows in the second quarter
August 18, 2011
In the second quarter, the current account balance recorded a surplus of USD 13.2 million, which was only a fraction of the revised USD 174 million surplus recorded in the previous quarter (previously reported: USD 722 million). The reading undershot market expectations of a USD 490 million surplus. The shrinking current account surplus mainly reflected a widening income balance deficit. However, a lower trade balance surplus also contributed to the decline in the current account surplus. Exports totalled USD 21.4 billion (Q1 2011: USD 19.9 billion), while imports increased to USD 17.5 billion (Q1 2011: USD 15.7 billion).